# Oil Plunges 4.8% as Russia Is Said to Propose OPEC+ Output Hike - Bloomberg

> Futures in New York fell as much as 4.8% on December 2, 2021, after reports that Russia proposed OPEC+ keep its planned 400,000 barrel-per-day output increase. Brent also declined. OPEC+ was meeting as the Omicron variant clouded the demand outlook.

- Date: 2021-12-02 · published 2021-12-02T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/6306-oil-plunges-4-8-as-russia-is-said-to-propose-opec-output-hike-bloomberg
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A proposal to keep the planned supply increase adds to expected surplus and pushes crude lower. Weaker crude lowers energy and transport costs and can soften biofuel-linked demand for vegetable oils.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2026-03-01 | [OPEC+ to Resume Oil Output Increases as Iran Conflict Rages - Bloomberg](https://feedsoft.ai/events/20079-opec-to-resume-oil-output-increases-as-iran-conflict-rages-bloomberg.md) | +35.6% | +50.4% |
| WTI | 2018-06-23 | [OPEC+ Agrees to Oil-Supply Boost in Victory for Saudis, Russia - Bloomberg](https://feedsoft.ai/events/64447-opec-agrees-to-oil-supply-boost-in-victory-for-saudis-russia-bloomberg.md) | +7.6% | -1.4% |
| WTI | 2024-08-30 | [OPEC+ Leans Toward Proceeding With Output Hike, Delegates Say - Bloomberg](https://feedsoft.ai/events/28684-opec-leans-toward-proceeding-with-output-hike-delegates-say-bloomberg.md) | -10.8% | -10.5% |
| WTI | 2025-03-03 | [OPEC+ to proceed with planned April oil output hike](https://feedsoft.ai/events/25481-opec-to-proceed-with-planned-april-oil-output-hike.md) | -3.9% | -0.4% |
| WTI | 2025-06-02 | [Behind OPEC+ oil output hike, Saudi-Russian tensions simmer](https://feedsoft.ai/events/24126-behind-opec-oil-output-hike-saudi-russian-tensions-simmer.md) | +6.2% | +7.6% |
| BRENT | 2026-03-01 | [OPEC+ to Resume Oil Output Increases as Iran Conflict Rages - Bloomberg](https://feedsoft.ai/events/20079-opec-to-resume-oil-output-increases-as-iran-conflict-rages-bloomberg.md) | +31.0% | +62.6% |
| BRENT | 2018-06-23 | [OPEC+ Agrees to Oil-Supply Boost in Victory for Saudis, Russia - Bloomberg](https://feedsoft.ai/events/64447-opec-agrees-to-oil-supply-boost-in-victory-for-saudis-russia-bloomberg.md) | +5.1% | -2.8% |
| BRENT | 2024-08-30 | [OPEC+ Leans Toward Proceeding With Output Hike, Delegates Say - Bloomberg](https://feedsoft.ai/events/28684-opec-leans-toward-proceeding-with-output-hike-delegates-say-bloomberg.md) | -8.9% | -10.4% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2021-12-02/oil-plunges-4-8-as-russia-is-said-to-propose-opec-output-hike

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.